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A New Jersey appellate court in a Superstorm Sandy case has ruled that, in the absence of a “special relationship,” an insurance broker had no duty to provide a commercial property owner with quotes for higher flood insurance policy limits.
|The case
Superstorm Sandy flooded and damaged commercial facilities owned by C.S. Osborne & Co., Inc., in Harrison, N.J.
Osborne sued Bollinger, Inc., which had served as its insurance broker from 2001. Osborne asserted claims of professional negligence and related claims against Bollinger, contending that its flood insurance policy provided only $1 million of coverage, which was well below the amount of damage to Osborne's facilities. Osborne alleged that Bollinger had a duty to provide quotes for higher policy limits.
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